June

IASB Chairman meets with ECOFIN

10 Jun 2009

IASB Chairman Sir David Tweedie met yesterday with the Economic and Financial Affairs Council (ECOFIN) of the European Union to discuss how the IASB is responding to issues arising from the financial crisis.

He noted that the IASB has focussed its response on three areas identified by the Financial Stability Forum and four issues raised by the European Commission. The Financial Stability Forum's areas are:
  • the application of fair value in illiquid markets.
  • accounting for off-balance sheet items.
  • disclosures related to risk.
The four issues raised by the European Commission in the fourth quarter of last year were:
  • the need for guidance about fair value measurement in illiquid markets – guidance has been issued.
  • the desire for clarification regarding whether credit derivative obligations (CDOs) include embedded derivatives to ensure consistency between IFRSs and US GAAP – FASB is working on a clarification that will be in place for 2009 financial reports.
  • the existing impairment rules related to available-for-sale instruments – IASB will issue an exposure draft in July 2009, two-month comment period, final revisions to IAS 39 in place and available for 2009 financial reports.
  • the possibility of reclassification out of the fair value option into other categories – IASB will issue an exposure draft in July 2009, two-month comment period, final revisions to IAS 39 in place and available for 2009 financial reports.
The Chairman also noted that the Board is working on other issues relating to the financial crisis, including hedge accounting and provisioning. Click to download Sir David's Statement to ECOFIN (PDF 21k).

 

Deloitte IFRS newsletter in Spanish

09 Jun 2009

Deloitte (Colombia) has published the Spanish translation of the following IFRS publication:

We have many resources in Spanish Here.

11 IFRSs await EU endorsement

09 Jun 2009

The European Financial Reporting Advisory Group (EFRAG) has updated its report showing the status of endorsement of IFRSs under the EU Accounting Regulation.

IFRIC 16 has now been endorsed, leaving 11 IASB pronouncements awaiting European Commission endorsement for use in Europe. Click to download the Endorsement Status Report as of 8 June 2009 (PDF 132k).

 

IASCF Monitoring Board statement to G20

09 Jun 2009

The Monitoring Board for the International Accounting Standards Committee Foundation has issued a Statement Regarding Due Process toward Addressing Calls from G-20 Leaders.

An excerpt:

We believe that standard setters will be best able to produce high quality standards if they are able to exercise independent judgment relying on their skills, experience and due process, and taking into account the urgency of certain issues and the views of all stakeholders. Therefore, with respect to the steps taken by the IASB, we reiterate that the IASB's due process and transparency in financial reporting are critical to our continued support, as the authorities charged in our jurisdictions with determining accounting standards for use in our capital markets, for IFRS in its role as a global accounting standard.

Click for: Statement Regarding Due Process toward Addressing Calls from G-20 Leaders (PDF 45k).

World Congress 2010 website launched

09 Jun 2009

The 18th World Congress of Accountants will be held from 8 to 11 November 2010 in Kuala Lumpur, Malaysia.

Around 5,000 professional accountants, international regulators, standard setters, government officials, corporate leaders, and others are expected to attend. The official website www.wcoa2010kualalumpur.com has now been launched.

 

IASB webcasts on IAS 39 replacement project

08 Jun 2009

On Thursday 11 June 2009, the IASB will host two live webcasts to keep interested parties up to date on progress of the IASB's comprehensive project to replace IAS 39. The webcasts will include presentations by two IASB project staff people followed by a Q&A session where registered participants can send in questions for the IASB staff to answer.

Each webcast, including the question and answer session, is expected to last around one hour. Details of the webcasts:
  • Webcast Topic: Project to comprehensively review IAS 39
  • Date: Thursday, 11 June 2009
  • Times: 10:00am (London time) and again at 3:00pm (London time)
  • Presenters: Gavin Francis, IASB Director of Capital Markets, and Sue Lloyd, Senior Technical Associate
  • More Information and Registration
  • Project Page on IASB Website
  • Project Page on IAS Plus

 

Agenda for June 2009 IASB meeting

07 Jun 2009

The IASB will hold its June 2009 regular monthly meeting at its offices in London on Monday to Friday 15-19 June 2009. The meeting will be open to public observation and will be webcast.

Presented below is the agenda for the meeting. On the afternoon of Monday 15 June and the morning of Tuesday 16 June 2009, the Board will conduct a public roundtable meeting on consolidation and derecognition at the Mermaid Conference Centre in London. Also, the Board will meet with the Standards Advisory Council in London on Monday and Tuesday 22-23 June 2009.

IASB Board Meeting Agenda -- 15-19 June 2009, London

Monday 15 June 2009 (afternoon starting 16:30pm)

  • Education session: Provisioning based on expected risk adjusted amortised cost (BNP Paribas representatives)

Tuesday 16 June 2009 (afternoon starting 15:45pm)

Wednesday 17 June 2009

Thursday 18 June 2009

Friday 19 June 2009

  • Rate-regulated Activities
  • Annual Improvements – four issues:
    • Venture capital consolidations and partial use of fair value through profit or loss
    • Impairment of investments in associates
    • Contingent consideration of an acquiree
    • Accounting for privatisation
  • Sweep issues (if needed)
  • Financial Instruments – Comprehensive project to replace IAS 39

 

Notes from special 5 June IASB meeting

06 Jun 2009

The IASB held a special meeting on Friday 5 June 2009 to continue its work on its comprehensive project to replace IAS 39 Financial Instruments: Recognition and Measurement.

Click here to go to the preliminary and unofficial Notes Taken by Deloitte Observers at the Meeting.

 

New US SEC Staff Accounting Bulletin

05 Jun 2009

The US Securities and Exchange Commission's Office of the Chief Accountant has published Staff Accounting Bulletin (SAB) No 112.

SAB 112 updates the codification of previous SABs by removing material no longer necessary because of private-sector developments in US GAAP – most particularly due to the recent FASB standards on business combinations and noncontrolling interest. The SAB also clarifies the basis of accounting for purchased assets and liabilities that should be used when a substantially wholly-owned subsidiary presents separate financial statements. SABs are not official rules of the Commission but, rather, are interpretations and practices followed by the Commission's staff in administering the disclosure requirements of US securities laws. This Page on the SEC Website has links to all Staff Accounting Bulletins still in force.

 

SIX Swiss Exchange areas of focus for 2009 interim reports

05 Jun 2009

The SIX Swiss Exchange has released its Communiqué 1/2009: Areas of Focus for the Review of 2009 Semi-annual Financial Statements.

Financial reporting issues on which the Exchange intends to focus will be:
  • Valuation of financial instruments (IAS 39)
  • Impairment of assets (IAS 36)
  • Reporting on operating segments (IFRS 8)
  • Application of the provisions on business combinations (IFRS 3 and IAS 27)
  • Presentation of comprehensive income (IAS 1)
Nearly three-quarters of the Exchange's listed companies use IFRSs. Further information on financial reporting can be found on the Financial Reporting Section of the Exchange's Website. In addition, the Exchange's Regulatory Board adopted Revised Listing Regulations (PDF 59k) effective 1 July 2009.

Click for the Communiqué (PDF 56k).

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